Hong Kong stocks close | The Tech Index falls over 1% under pressure, with the oil and gas sector leading the decline; Tencent drops 1.68%, Zijin Mining plunges 5.58%

LB Select
2025.10.28 08:13
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The three major indices of the Hong Kong stock market weakened across the board today, with the technology and oil & gas sectors leading the market decline, as risk aversion sentiment increased. Technology leaders such as Tencent and Alibaba fell back, while foreign capital continued to reduce positions, putting pressure on valuations. The furniture retail sector remained stable against the trend, attracting attention for its defensive attributes. Southbound funds recorded continuous net selling, with the market significantly affected by the Federal Reserve's high interest rates and the depreciation of the Renminbi

Current Situation of the Three Major Indices

  • Hang Seng Index: down 0.33%
  • Hang Seng China Enterprises Index: down 0.97%
  • Hang Seng Tech Index: down 1.26%

A total of 624 stocks rose, 1273 stocks fell, and 822 stocks closed flat, with short-term pressure evident.

Sector Performance

Technology Sector: The sector continues to decline, facing industry pressure, with active trading but net capital outflow. Influenced by the Federal Reserve's high interest rates and fluctuations in the RMB exchange rate, leading stocks generally fell.

  • Tencent Holdings (0700.HK): down 1.68%, trading volume HKD 10.563 billion. The Federal Reserve's maintenance of high interest rates combined with a decrease in risk appetite has led to continued foreign capital reduction pressure; the industry's short-term performance growth is under pressure, with advertising and cloud business growth slowing; southbound capital reduced positions, leading to an overall sector pullback.
  • Alibaba Group (9988.HK): down 1.50%, trading volume HKD 13.467 billion. The macro environment is weak, and the depreciation of the RMB affects valuations; the main e-commerce business growth is under pressure, and investor risk appetite is declining; net selling of funds has suppressed short-term performance.
  • Meituan (3690.HK): down 1.96%, trading volume HKD 3.822 billion. Offline consumption recovery is weaker than expected, and adjustments to commission policies bring short-term pressure; tightening liquidity weakens market confidence; southbound capital outflows impact stock performance.

Oil and Gas Storage and Transportation Sector: The sector performed weakly throughout the day, influenced by oil price fluctuations and risk aversion, with most stocks experiencing net capital outflows, intensifying adjustment pressure.

  • SMIC (981.HK): down 3.25%, trading volume HKD 10.275 billion. Expectations for domestic substitution of AI chips have increased, with frequent large transactions during the day and significant market volatility. Capital arbitrage is active, and valuation adjustment pressure remains.
  • Zijin Mining (2899.HK): down 5.58%, trading volume HKD 3.185 billion. Commodity prices fluctuate sharply, with significant differentiation in metal demand; tightening global liquidity affects price elasticity; the willingness to exit the market has increased, leading to a sharp decline in stock prices.

Market Focus

1. Macroeconomics and Industry: Over the past month, the Federal Reserve has continuously maintained high interest rates, increasing the interest rate differential between China and the U.S., with the offshore RMB to USD exchange rate approaching 7.3, significantly lowering risk appetite for Hong Kong stocks. China's CPI rose 0.3% year-on-year in September, and PMI fell to 48.3, reflecting weak economic recovery momentum, putting pressure on Hong Kong stock valuations.

2. Capital Flow: In the past three days, southbound capital has continued to net sell, with significant net outflows today. The Hang Seng Tech Index component stocks, such as Tencent (reduced by HKD 420 million) and Alibaba (reduced by HKD 270 million), have seen significant capital outflows. The total trading volume exceeded HKD 280 billion, with core leading stocks continuously reduced by main funds, putting pressure on the technology sector.

Top Ten Stocks by Trading Volume

  1. Alibaba -SW (9988.HK), trading price HKD 171.00, down 1.50%, trading volume HKD 13.467 billion
  2. Tencent Holdings (700.HK), transaction price HKD 645.00, decline 1.68%, transaction amount HKD 10.563 billion
  3. SMIC (981.HK), transaction price HKD 80.10, decline 3.25%, transaction amount HKD 10.275 billion
  4. Xiaomi Group-W (1810.HK), transaction price HKD 44.92, decline 1.91%, transaction amount HKD 8.252 billion
  5. Hua Hong Semiconductor (1347.HK), transaction price HKD 86.15, decline 0.40%, transaction amount HKD 4.764 billion
  6. Pop Mart (9992.HK), transaction price HKD 228.20, decline 2.23%, transaction amount HKD 4.035 billion
  7. Meituan-W (3690.HK), transaction price HKD 100.00, decline 1.96%, transaction amount HKD 3.822 billion
  8. AIA Group (1299.HK), transaction price HKD 74.60, increase 3.40%, transaction amount HKD 3.223 billion
  9. Zijin Mining (2899.HK), transaction price HKD 31.08, decline 5.58%, transaction amount HKD 3.185 billion
  10. HSBC Holdings (5.HK), transaction price HKD 106.50, increase 4.41%, transaction amount HKD 3.179 billion
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